Launched in 2016 as a streetwear platform, DoNew pivoted to focus on sneaker resale and now operates a trading-style marketplace with charts showing price fluctuations similar to StockX. The company is vertically integrated, offering warehousing for sellers and buyers; storage fees are waived when goods sell via DoNew and a small per-pair fee is charged for sales on third-party platforms. DoNew plans to introduce pre-sale shoe coupons and spot coupons that let users lock trades at set prices before releases and to trade those coupons on-platform. The firm was on track for RMB 50 million (USD 7.2 million) in GMV in May, with an average sneaker price of RMB 1,500, and expects to hit RMB 10 million (USD 1.45 million) in weekly GMV once coupon features launch. It has about 2 million social-media fans, and roughly 80% of users were born in 1995 or later, with a predominantly male user base; the company aims to funnel these followers to its app.

Total raised

$10M

Funding rounds

1

Latest round

Series A

Latest activity

May 2019